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Ripple (XRP) Loses Momentum – Possibly Because Of JPMorgan’s Crypto Spell

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Ripple (XRP)

Ripple’s XRP token is in the crypto news today for losing a momentum as of lately. The altcoin was the second largest crypto asset a couple of weeks ago by a good margin. However, at the moment it cannot seem to get out of second gear as Ethereum streaks ahead and is increasing its lead.

In today’s market-wide crypto rally, XRP has managed to gain 2% which took it to $0.307 at press time. However, Ripple is down over 5% on the month while other cryptocurrencies have been making better gains.

There have been a lot of questions about XRP’s market cap and the possible manipulation. Currently, it is being reported that the market cap will continue to decrease compared to Ethereum’s which is now dominating.

All of this is largely attributed to the news last week which showed that the Wall Street giant JP Morgan intends to launch its own digital count – drawing a big reaction in the crypto sphere. Many analysts have said that this could be Ripple’s largest rival and may even spell the end for it.

According to the Bloomberg business editor Joe Weisenthal:

“If it turns out that the Blockchain/Coin framework turns out to be a good one for banks transferring money around, then the JPM Coin should absolutely obliterate Ripple.”

The arguments that the newly released JPMCoin (which will be pegged to the dollar ) could replace Ripple are still strong, stating that this is a huge slap for Ripple and its cross-border payments and remittances.

Ripple’s boss, Brad Garlinghouse, doesn’t think so. As he tweeted:

Right now, it remains to be seen if Ripple is going to fight back in the short term. Besides that, it appears unlikely that another centralized stablecoin will do so much damage to XRP. The only bad scenario right now is that banks continue developing their own in-house solutions rather than working with XRP, which is kind of disappointing for Ripple and its business model.

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Ripple News

Ripple Reversed And $0.25 Becomes An Imminent Level Now

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ripple reversed
Today, the crypto news show that Ripple reversed and is recovering nicely from the $0.2240 support area against the US dollar. A key inverse head and shoulders pattern is forming with support near $0.2320. Even though we saw a downside extension in the price of XRP below the $0.2320 support area against the US Dollar, XRP declined below $0.2280 and worried a lot of investors.Finally, the price of this cryptocurrency tested the $0.2240 support area which is where the bulls emerged. A swing low was formed near $0.2236 and the price started its strong recovery. This is how it broke the $0.2300 resistance area and the 100 hourly SMA.Ripple reversed and there was a break above the 23.6% Fib retracement level of the recent drop from the $0.2540 high to the $0.2236 low. More importantly, we saw a key inverse head and shoulders pattern forming with support near $0.2320.The XRP news now show that Ripple already surpassed the neckline resistance near the $0.2350 resistance area. However, there is a major bearish trend line forming with resistance near $0.2415 on the hourly chart of the XRP/USD pair.Right now, the 50% Fib retracement level of the recent drop from a high of $0.2540 to a low of $0.2236 is also near $0.2388. Therefore, a clear break above the $0.2420 resistance area is needed for a strong rise to begin.As analysts say, Ripple reverses but the next major resistance for it is near the $0.2500 area, above which it could even attempt a break above the $0.2540 high in the coming sessions. Any further gains could obviously lead the price towards $0.2620.As mentioned before, XRP needs to surpass the $0.2420 resistance if it wants to continue higher. However, it if fails to clear the $0.2420 region, there are big chances of a fresh decline below the $0.2350 level in the near term.This is why analysts put their first major support near the $0.2300 levels, below which Ripple may perhaps decline towards the key $0.2240 support area in the near term.The technical indicators now are as following:
  • Hourly MACD – The MACD for XRP/USD is starting to gain strength in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is slowly increasing and now sits well above the 50 level.
  • Major Support Levels – $0.2350, $0.2300 and $0.2240.
  • Major Resistance Levels – $0.2415, $0.2420 and $0.2500.
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Ripple News

Courts Will Decide If Ripple’s XRP Is A Commodity

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The US courts will decide whether Ripple’s utility token XRP that has been stuck below $0.25 is a commodity and will put an end to the ongoing lawsuits as we are reading further in the ripple news below.XRP has fought so hard to be accepted and is now perceived as a wildcard in the crypto world possibly bouncing off its current low positions. One of the problems is the current status of the asset. The discussion on whether the asset is a commodity or not returns. XRP’s status is still open to discussions but the potential to call it a commodity came right after the Commodities Futures Trading Commission appointed the status of the Ethereum altcoin while some of the proponents of Ripple’s case believe that XRP will reach a huge price of $589 if it’s assigned commodity status with no supporting evidence that was provided to back up the crazy prediction.Some of the other users expect that XRP’s price will even break further beyond that and according to another XRP Twitter proponent, Jungle Inc, the asset could increase even higher as $692 per coin based on the expectations that all of the international payments in the future will use XRP. It is now estimated that $10 trillion is processed every day across the world so if that money flows through XRP, the trader believes that the asset’s value will increase to about $700 per coin. Right now, however, owning XRP is a major risk and the asset could be seen as an unregistered security. Ripple was fighting the case that the asset is not resembling security and it is possible to exist outside of the definition of the Securities and Exchange Commission.Ripple continues to be locked out and the courts will decide to establish the status of XRP so there’s no official announcement on the position of the courts. The company now tries to defend itself from the class action lawsuit by early investors who claim they were offered coins with promises of future gains. If XRP will become a commodity by the US courts in the near future, we could expect a price retest the high of $0.50 before potentially breaking towards $1 if FOMO increases.
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Ripple News

Ripple Uptrend Is Only A Precursor To A Bigger Upward Moves: Analysts

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The recent Ripple uptrend brought XRP to only $0.24 which means that the coin is still down by more than 93 percent of its all-time high above $3.00 but some analysts believe that this uptrend is only a precursor to larger gains in the near future so let’s find out more about this analysis in the ripple news below.The crypto market has been on a decent uptrend over the past week and gained dozes of a percent but altcoins such as XRP did really well. The third-largest cryptocurrency over the past week gained more than 15% according to the data. The analyst CryptoWolf noted recently that according to his other analysis, XRP has finally started to break out strongly out of a falling wedge pattern that has constrained the price action for the past seven months. The cryptocurrency also reached a key horizontal resistance that was of huge importance on a macro basis. Having this in mind, the analyst suggested in his charts that he expects XRP to target the 0.382 Fibonacci Retracement of the entire falling wedge over the upcoming weeks which suggests a 25% rally approaching.While XRP is preparing to break even higher, the price action is mainly dependent on that of BTC which means that if the largest cryptocurrency doesn’t rally, none of the altcoins will either. Fortunately for the XRP bulls, the Ripple uptrend technicals and fundamentals show that Bitcoin will soon gain strength. The current Heiken-Ashi candle for this month shows a green Doji pattern that can show a long-term bitcoin price trend turning positive which is an unavoidable macro reversal on the horizon. Some of the other charts show that every time when a Heiken Ashi candle flips from red to green on the monthly basis for BTC, the green candle will have almost always ended in parabolic surges that usually bring BTC thousands of percent gain.The reports from Glassnode, the popular crypto analytics firm show that the bitcoin network hash rate has just reached a 1-year high of 125 exahashes but there’s not a clear correlation between the hash rate of Bitcoin and the prices despite the fact that the miners continue draining resources into mining crypto assets.
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The Key Levels To Watch For A Ripple (XRP) Rally At This Phase

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The price of Ripple (XRP) is showing positive signs above the $0.2340 and $0.2350 support levels now and the price is only facing hurdles near the $0.2400 levels. However, the Ripple news from last night show that the coin managed to add 4% to its price and passed a new momentum. Right now, the key levels to watch for a new XRP rally are the ones above the $0.2360 borderline and the rally should be initiated to $0.2450 or $0.2500, accordingly.Recently, we saw a major downside correction in the price of XRP from the $0.2450 resistance area against the US dollar. Then, the XRP price broke the $0.2350 and $0.2320 support levels and even spiked blow $0.2300.However, the bulls then were able to protect the $0.2220 support level and the 100 hourly simple moving average. The key levels to watch out for now at this phase are around $0.2450 and $0.2500.What's even more important to note is that there is a new contracting triangle forming with resistance near $0.2360 on the hourly chart of the XRP/USD pair. Therefore, the price of Ripple must surpass the $0.2350 and $0.2360 resistance levels in order to start a new fresh rally. If there is a successful close above $0.2360, the bulls are very likely to aim a test of the $0.2450 resistance.If the XRP price fails to climb above $0.2400, it could resume its slide. This is why this point is among the key levels to watch now. On the other hand, we can see that the main support for XRP is now near the $0.2220 level below which there is a serious risk of a sharp decline below $0.2200 in the near term.
Technical Indicators:
  • Hourly MACD – The MACD for XRP/USD has started gaining momentum in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now on a rise and close to the 60 level.
  • Major Support Levels – $0.2450, $0.2470 and $0.2500.
  • Major Resistance Levels – $0.2300, $0.2270 and $0.2250.
While the key levels to watch for XRP are set very close to the current price, the altcoin news show that there are many altcoins with stronger momentum than XRP today. ETH and BCH are some of them, managing to rise by 6% and 8% accordingly. We can also see other winners in the top 10 such as EOS and BNB which managed to add 9% and 8% to their prices, accordingly.
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